Asia Tire Market Business Revenue Forecast

The Asia automotive tire market was valued at $61,523.4 million in 2018 and is expected to reach $109,007.4 million by 2024, witnessing a CAGR of 10.0% during 2019–2024. Categorized on vehicle type, passenger cars held the largest volume share in 2018.

Furthermore, commercial vehicles are expected to witness notable growth in their sales on account of their growing usage in logistics and construction activities. This, in turn, would propel the demand for tires for light, medium, and heavy commercial vehicles, and hence boost the APAC automotive tire market.

Growing Popularity of Next-Generation, High-Performance Tires is a Key Trend Witnessed in the Market

Growing popularity of next-generation, high-performance tires is the key trend observed in the APAC automotive tire market. The fuel-efficient and low-noise high-performance tires have been mainly used in luxury passenger cars; and in recent years, they have made inroads in crossover utility vehicle and premium sport utility vehicle segments. The mainstream adoption of these tires is encouraging tire makers, across the world, to invest in new technologies for the development of ultra-high-performance tires to increase speed and overall performance of tires. Many manufacturers are developing these tires by employing patented technologies, specialized silica compounds and polymers, and unique tread designs to meet changing consumer demands and achieve desired performance. In addition, with increasing tire demand, several tire manufacturers are offering next-generation, high-performance tires with ride comfort, all-season or multi-season driving capacities, and less tread wear.

Competitive Landscape of the APAC Automotive Tire Market
The APAC automotive tire market is consolidated in nature, with the existence of established manufacturers such as The Goodyear Tire & Rubber Company, Continental AG, Pirelli & C. S.p.A., Cooper Tire & Rubber Company, Michelin Asia-Pacific Pte. Ltd., Yokohama Rubber Co. Ltd., Bridgestone Asia Pacific Pte. Ltd., Hankook Technology Group Co. Ltd., Apollo Tyres Ltd., Nokian Renkaat Oyj, and Sumitomo Rubber Industries Ltd.

Collaborations and acquisitions and facility expansions are key strategies adopted by the players to increase their foothold in the APAC automotive tire market. For instance, in August 2018, Continental AG announced its plans to acquire the Kmart Tyre and Auto Service (KTAS) chain for approximately $244 million. With 258 branches and more than 1,200 employees, KTAS is one of the largest tire and auto service chains in Australia. The acquisition is part of the company’s Vision 2025, which targets systematic expansion of its tire division across the world.

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How is Need for Better Healthcare Infrastructure Driving Healthcare Industry?

The availability of proper healthcare infrastructure is a significant aspect of the healthcare sector, which is why the governments and other organizations are investing increasingly for improving the hospital infrastructure. For instance, the University Hospitals Birmingham National Health Service (NHS) Foundation Trust, along with the U.K. based HCA Healthcare Inc., announced in 2017 to build 138 bedded specialist hospital facility for offering both NHS and private care in the Queen Elizabeth Hospital Birmingham Campus. In addition to this, national and international government organizations are focusing on spreading the information regarding different diseases, which is expected to result in early detection, treatment, and palliative care of diseases.

In the U.S., the healthcare industry is predicted to generate a revenue of $5,605.5 billion in 2024, advancing at a 6.6% CAGR during the forecast period (2019–2024). The industry provides diagnosis and treatment for all types of diseases, including cancer, neuropsychiatric disorders, musculoskeletal disorders, cardiovascular & circulatory diseases, chronic respiratory diseases, diabetes, blood, & endocrine disorders, and chronic liver diseases. In Germany, cardiovascular & circulatory diseases were the most prevalent during the historical period (2014–2018) and the situation is going to be the same in the near future as well.

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Several types of diagnostic equipment are utilized in the industry, such as magnetic resonance imaging, computed tomography, endoscopes, X-ray, ultrasound, and mammography. Some other diagnostic equipment includes elastography, nuclear imaging devices, and fluoroscopy. Among all these, the largest demand, in terms of value, was created for X-ray machines in the U.S. during the historical period due to the increased usage of these systems. In terms of volume, the largest demand in the U.S. was created for ultrasound devices during the historical period, and the need for these devices is further going to be the highest in the country during the forecast period.

The rising prevalence of chronic diseases and geriatric population is further leading to the growth of the healthcare industry. Some of the key factors contributing to the surging prevalence of chronic diseases are increased cholesterol level, high blood pressure, and overweight. Apart from this, behavioral risks, such as poor nutrition, excessive consumption of alcohol, lack of physical activity, and consumption of tobacco, also lead to the occurrence of chronic diseases. Furthermore, geriatric population need constant care as they are more susceptible to different illnesses. It is due to these factors that the healthcare sector is witnessing significant growth.

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Plastic Recycling Market to Witness Growth due to Rising Environmental Concerns

Advancing at an 8.6% CAGR during the forecast period (2019–2024), the plastic recycling market is predicted to garner $64,139.7 million revenue by 2024, growing from $41,238.8 million in 2018. The factors positively influencing the growth of the market are the supportive government initiatives and policies for promoting adoption of recycled products and the rising focus on reducing plastic waste volumes. Plastic recycling is the process of recovering scrap plastic and reprocessing it into useful and functional products. 

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The plastic recycling market is divided into automotive, construction, food & beverage, household & personal care, and others, based on industry. In 2018, the highest amount of recyclable plastic was generated from the food & beverage industry. In the forecast period, the highest CAGR, in terms of amount of plastic recycled would be exhibited by the same division. The industry makes use of a wide range of plastics, such as high-density polyethylene, low-density polyethylene, polyethylene terephthalate, polystyrene, and polypropylene for storage, packaging, preservation, ease of transportation, and maintaining the aesthetic appeal of processed foods and beverages. 

Based on source, the plastic recycling market is categorized into molded products, wires and cables, pipes, sheets, and packaging. In 2018, the largest volume share of more than 78.0% was accounted for by the packaging category. It is predicted to register a CAGR of 8.8% during the forecast period. Owing to their short-use lifecycle and high-waste volumes, packaging plastics witness high-volume recycling. The market is further expected to grow with the roll out of government policies and sustainability targets that aim to integrate the recycling process with the operations of the packaging industry.

The plastic recycling market is witnessing the trend of ban on imports of plastic by many countries, mainly China and shifting of recycling operations to South Asian countries. The Chinese government imposed a blanket ban on imports of waste materials of 24 types. In addition to this, the nation prohibited the import of non-industrial plastic waste, which affected about 5.1 million metric tons of plastic waste, annually. This caused the shifting of the recycling business to other South Asian countries, such as Thailand, India, Vietnam, and Indonesia. 

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The major driver of the plastic recycling market is the efforts being made to popularize recycled products amidst growing concerns regarding the generation of huge volumes of plastic waste. The accumulation of plastic waste is a cause of concern all over the globe. Therefore, the focus of many inter-government organizations is on the integration of recycling operations in many countries. To further support the recycling process, initiatives such as monetary support to recyclers, rising provisions compliance under the extend producer responsibility (EPR) program, and product stewardship programs, are being taken to bring in more investments. 

To drive the plastic recycling market, more investments are being invited in the research & development sector for the development of novel recycling technologies. In 2011–2016, over 470 patents aimed at plastic recycling were filed. These patents have been filed to secure technologies for recycling different polymers, such as PVC, PS, PP, and PET. Another application of these technologies is to increase the recycling of virgin polymers, which are extensively used in packaging. The huge inflow of investments for the development of technology for plastic recycling are further expected to boost the market. 

Therefore, the market for plastic recycling is expected to witness significant growth in the forecast period due to the rising concerns regarding the management of plastic waste.

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How is Growing Demand for Health Monitoring Devices Augmenting Micro Battery Market Growth?

The technological advancements have led to the development of internet of things (IoT), which has proven to be immensely helpful across various industries, such as healthcare. As the incidence of chronic diseases is increasing rapidly across the globe, the healthcare industry is feeling the need for more advanced, accurate, and faster diagnosis and monitoring.

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From bulky and time-consuming machines, the industry has come way ahead with the development of wearable and portable medical devices. Besides helping in accurate diagnosis and monitoring of patients, these devices have also helped in reducing the healthcare cost. The International Diabetes Federation mentioned that in 2015, about 415 million people across the world suffered from diabetes.

This indicates the dire need for the diagnosis of the disease and the requirement for continuous monitoring of patients. To provide patients a complete healthcare solution, medical devices, such as insulin pumps, are being integrated with IoT. This integration of the technology with the devices help physicians in remote monitoring of patients, which would provide caregivers with real-time information of patients.

Further, the technology would also enable devices to monitor physiological parameters and even calculate the required medication dose. These devices are miniaturized and make use of micro batteries as their power source, and the popularity of these devices are aiding the growth of micro battery market globally.

MICRO BATTERY MARKET SEGMENTATION

By Type

• LR (Alkaline)
• SR (Silver Oxide)
• CR (Lithium)
• Others (Zinc Air Battery, Rechargeable Lithium Battery [ML Series], and Vanadium Rechargeable Lithium Battery [VL Series])

By Capacity

• <10 mAh
• 10–100 mAh
• >100 mAh

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Sleeping Aids Market in Europe - Industry Analysis, Leading Players and Future Scope

The sleeping aids market in Europe was valued at $14.8 billion in 2015 and is forecasted to grow at a CAGR of 6.2% during forecast period. Various sleep disorders are hampering the lives of people in the region, due to increasing tobacco and alcohol consumption, rising aging population, growing population base working in night shifts and changing lifestyle habits of the Europeans. Sleep disorders such as insomnia, sleep apnea, restless legs syndrome, narcolepsy, sleep walking and others greatly affect the population base in the European region.

Increasing awareness about sleep disorders and risks associated with them, by various organizations such as the British Sleep Society and Survey Sleep Research Center has been driving the demand of the sleeping aids products in the region. According to the Eurostat, aging population is a long-term trend in the region, this is also a key factor driving the demand for sleeping aids in the region. The share of population aged 65 years and over is increasing in every European Union (EU) member state. During the period 2016 to 2080 the aging population is expected to account for a share of 29.1% of the EU-28 population compared to 19.2% in 2016.

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There are various technological advancements related to sleeping aids products that are under development in the region. For instance, an application known as Snoozeal has been developed in the U.S. for treating problems related to sleep which is now under trial in the Europe. It is a smartphone controlled anti-snoring/sleep apnea medical device, that has received U.S. Food and Drug Association (USFDA) approval in December 2016. The device addresses the root cause of excessive relaxation and loss of tongue muscle tone during sleep.

The device uses a wireless technology to exercise the tongue to treat the physiological cause of snoring and sleep apnea and the smart phone app monitors the user and controls the progress of the treatment. Also, the latest DOMINO version 2.8.0 by Somnomedics Gmbh provides high quality and user-friendly collection and analysis of both the ambulatory (Polysomnography) PSG and the stationary PSG recordings with the SOMNOscreen, SOMNOscreen plus and the new device SOMNO HD and this software was developed in August 2016.

Some of the key players operating in the European sleeping aids industry are Sanofi S.A., Koninklijke Philips N.V., GlaxoSmithKline PLC, Merck & Co. Inc., Pfizer Inc., Roche Holding AG, AstraZeneca plc, Becton, Dickinson and Company, Drive Medical Ltd., Somnomedics Gmbh and Cardinal Health.

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Blockchain Technology in Auto Sector - The Futuristic Demand

The global automotive blockchain market is projected to grow at a considerable rate during the forecast period. This can be mainly attributed to the benefits offered by the blockchain technology in the automotive industry, such as real-time monitoring, auditability, and scalability of information. The application of blockchain in various automotive functional areas is on the rise, as automotive original equipment manufacturers (OEMs) continue to invest in the technology to uncover its potential in the industry.

Automotive Blockchain Market Demand

On the basis of application, the automotive blockchain market has been categorized into manufacturing, supply chain logistics, retail finance and leasing, mobility solutions, and others. Of these, the market for mobility solutions is expected to witness significant growth in the coming years on account of the rapidly growing shared mobility industry, rise in the consumer demand for advanced mobility services, and inclusion of blockchain in automotive business models.

Based on the type of blockchain used, the blockchain technology in automotive sector has been categorized into public, private, and consortium. Of these, the public and private blockchains are the most preferred types, with their applications varying based on the business model adopted. During the forecast period, the market for private blockchain is expected to grow at a considerable rate, as the adoption rate of the technology is higher in the private domain as compared to other domains. Also, public blockchain has low scalability and involves high transaction costs, which make the private blockchain the preferred category in the automotive blockchain industry.

The major growth drivers for the blockchain industry in auto sector are the benefits offered by the blockchain technology, such as real-time monitoring, auditability, and scalability of information. Also, with growing digitization, the technology has become an integral part of information technology (IT) budgets in the automotive industry. Blockchain in the automotive industry is useful in various areas such as mobility solutions, connected cars, supply chain logistics, retailing and leasing, autonomous driving, and IoT applications. The financial divisions of OEMs are now exploring the technology for financial applications. In the coming years, OEMs are expected to employ the technology in other automotive applications.

Also, various participants in the automotive ecosystem have started taking initiatives toward the formation of consortiums and formulation of policies to comply with the regulatory mandates on a global scale. In the coming years, besides disrupting the automotive industry, the blockchain technology is expected to create growth opportunities and facilitate digital transformation in the industry. Thus, it can be said that these factors are likely to boost the growth of the blockchain market in the near future.

The global automotive blockchain market is characterized by changing consumer behavior, technological advancements, increased use of data for improvement in logistics and mobility services, and evolving operating models in different automotive functional areas. Although the market is in its nascent phase currently, it is expected to witness notable growth in the coming years on account of the increasing adoption of the technology by automotive manufacturers.

Some of the key players operating in the automotive blockchain market are IBM Corporation, Microsoft Corporation, Accenture PLC, carVertical, Helbiz Mobility System PTE Ltd., Tech Mahindra Ltd., ShiftMobility Inc., BigchainDB GmbH, ConsenSys, Context Labs BV, Ethereum, Factom Inc., Mesosphere Inc., Oaken Innovations, Productive Edge LLC, Project Provenance Ltd., Ripple Labs Inc., and XAIN AG.

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Global Analysis of Facial Care Market, Forecast to 2024

Rise in disposable income of people, change in lifestyle, and increase in product launches to cater to the growing consumer demand are the key factors driving the facial care market, globally. Further, the growing popularity of multi-purpose products is expected to propel the market growth. The market has diversified exponentially in recent years with the launch of various products, such as face cream, toner, serum, facial mask, and anti-age cream.

On the basis of product type, the facial care market is categorized into face cream and moisturizer, anti-aging cream, serum, face mask, face wash, cleanser, toner, scrub, and others. During the forecast period, the market is expected to witness the fastest growth in the category of anti-aging creams, on account of surging geriatric population and increasing consciousness among people to look younger, with special focus on the facial skin. It has been observed that people have started using facial care products from a very young age to delay the signs of aging. Hence, the consumer base of these products has expanded to include younger people as well.

Globally, Asia-Pacific (APAC) is anticipated to be the largest market for facial care products in the coming years. The market in the region is expected to witness notable growth on account of increasing consumer spending, growing appearance consciousness in people, and rising consumer awareness on the benefits of using facial care products.

The key trend observed in the facial care market is the growing preference for organic products. In recent years, organic products have gained traction in the market due to the benefits offered by them. With the growing awareness on the beneficial properties of organic products, consumers have become more responsive toward the use of these products for skin care. Unlike other commercial beauty products, which are effective but contain harmful chemicals, organic products are free from chemical substances that have detrimental effects on the skin in the long run.

Offerings in the facial care market range from economical beauty products to high-end premium cosmetics. The market growth is primarily driven by the introduction of a wide range of skin care products, including skin toner, serum, moisturizer, BB cream, anti-aging cream, scrub, and facial mask. This has increased the availability of differentiated products in the market to cater to diverse consumer needs, which, in turn, is boosting the growth of the facial care industry.

Technological advancements in products continue to offer growth opportunities to the players operating in the facial care market. Companies are now employing facial care devices equipped with advanced technologies to monitor skin condition, generate digital feedback, and offer customized skin care solutions to their customers. For instance, in July 2016, L’Oréal Paris launched a campaign on SnapChat to promote its Infallible Silkissime eyeliner. The L’Oréal filter on SnapChat enables consumers to see themselves with a virtual makeover.

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Some of the major players operating in the global facial care market are L’Oréal S.A., The Estee Lauder Companies Inc., Alticor Inc., The Body Shop International Limited, Avon Products Inc., The Procter & Gamble Company, Oriflame Cosmetics AG, Unilever PLC, Shiseido Company Limited, Burberry Group PLC, Kao Corporation, and Edgewell Personal Care.

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